Zeotech Limited Overview
Zeotech Limited is a Brisbane-based, ASX-listed development company that is converting a portfolio of wholly owned Queensland kaolin resources into three revenue streams. The first is direct shipping ore (DSO) kaolin, including a premium pink "cosmetic" grade, sold into Asian markets under a binding five-year offtake with Chinese trading house Jiangsu Mineral Sources International (MSI), valued at up to roughly A$200–204 million. The second is AusPozz™, a high-reactivity metakaolin (HRM) supplementary cementitious material (SCM) aimed at Australia's low-carbon concrete market. Its 2025 pre-feasibility study (PFS) returned a post-tax NPV8 of A$406 million and a post-tax IRR of 42%. The third is a family of proprietary synthetic zeolite and biofilter products, including zeoteCH₄® for landfill methane control. Field trials of zeoteCH₄® recorded an average 92% methane reduction in 2026. Zeotech's main asset is the Toondoon Kaolin Project near Mundubbera, Queensland, which holds a granted mining lease and a 10.87 Mt Measured and Indicated resource. The company is pre-production and pre-profit, and is funded by equity.
What the company does
Zeotech describes itself in its current market profile as a future-focused team. It uses wholly owned kaolin resources to make high-reactivity metakaolin (HRM) for the low-carbon concrete market, and advanced materials such as zeolites to mitigate greenhouse gas (GHG) emissions, including fugitive methane (Source: Market Index company description, 2026). The FY2025 Annual Report (ASX, 30 Sep 2025) and FY2026 Annual Report (ASX, 21 Sep 2026) describe a shift from technical development to project execution. Activity is now concentrated on the Toondoon Kaolin Project and AusPozz™ commercialisation.
In practice the company is building a vertically integrated industrial-minerals value chain in three linked stages:
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Upstream mining. Low-strip, open-cut extraction of high-purity kaolin clays (grey, pink and white kaolin and plastic clay) from the Toondoon deposit, about 20 km south of Mundubbera, Queensland, inside an approved mining lease covering more than 28,000 hectares of tenure.
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Near-term DSO sales. Raw kaolin is shipped with minimal processing to Asian buyers (China, South Korea and Japan were named target markets) through MSI. These sales are designed to produce early cash flow and help fund the more capital-intensive downstream project.
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Downstream processing. Kaolin is calcined into AusPozz™ HRM at a proposed manufacturing facility on Gladstone Ports Corporation (GPC) land at the Port of Bundaberg. Proprietary University of Queensland–derived technology is used to synthesise zeolites from kaolin for environmental applications (landfill methane control, agricultural nutrient retention, and potentially carbon utilisation).
Business and revenue model
| Revenue stream | Model | Stage (Oct 2026) | Disclosed economics |
|---|---|---|---|
| Kaolin DSO (low-iron) | Bulk product sales under offtake (exclusive marketing rights to MSI in specified Asian territories) | Pre-production; trial shipment (minimum 10,000 t) being planned; ~120 t sample prepared for MSI | Offtake committed 800,000 t over initial 5 years (term sheet, Jul 2025) |
| Cosmetic kaolin DSO (pink) | Premium bulk product sales (non-exclusive rights to MSI) | Pre-production | 150,000 t committed over 5 years (term sheet, Jul 2025); PFS target 9,000 dtpa |
| AusPozz™ HRM | Manufactured product sales (SCM) to cement and concrete producers, contractors and precasters | Commercial-scale production trial (~700–800 t feedstock run); multiple MOUs; DFS stage | PFS: 300,000 tpa; NPV8 A$406m post-tax; IRR 42% post-tax; payback 2.1 years |
| zeoteCH₄® / zeolites | Product sales and/or licensing (not yet defined) | Field-validated (92% methane reduction); international patent application in progress | — |
| Current income | R&D Tax Incentive refunds, interest and other income | Ongoing | FY2026 "revenue" A$1.371m, mainly R&D refunds and other income |
The current mix is effectively 0% product revenue. Reported "revenue" is non-operating income, mostly Australian R&D Tax Incentive refunds. One example is the A$905k R&D incentive payment announced in late 2024 (Halo Technologies announcement feed).
Value-chain position and customers
Zeotech sits at the raw-material and intermediate-processing end of the construction-materials and industrial-minerals value chains:
DSO kaolin customers: Asian traders and end users (ceramics, paper, cosmetics, refractories) via MSI.
AusPozz™ customers: cement producers (Holcim Australia, Cement Australia), tier-one construction contractors (Laing O'Rourke, VINCI Construction), precast and civil firms (Bisley, by LOI), and engineering/consulting firms (iCubed Consulting).
Methane control customers: landfill operators and councils (Cleanaway collaboration; North Burnett Regional Council trial site) and potentially other fugitive-methane emitters.
Independent characterisation
Despite its "technology" branding, Zeotech is best characterised as an industrial-minerals junior with a materials-science overlay. Its near-term valuation depends almost entirely on three things: (i) securing the last Toondoon approvals (a protected plants permit and cultural heritage agreements were still outstanding as of mid-2026), (ii) completing a first DSO trial shipment through the Port of Bundaberg, and (iii) turning AusPozz™ MOUs into binding offtake contracts to support a DFS and a final investment decision (FID). The zeolite and methane platform has interesting optionality but no defined revenue model yet. Management's 2026 Noosa Mining Conference presentation framed the company as a mining company with a materials-technology angle, and said scale-up and conversion of testing into supply are still to be proven (Investing.com transcript summary, 22 Jul 2026).
Strategy
Stated strategy (themes from FY2025 and FY2026 Annual Reports)
Paraphrasing the FY2025 Annual Report, management's stated goals for the following period were to: start mining at Toondoon for kaolin DSO; secure binding AusPozz™ offtake agreements; advance the AusPozz™ Project to a Definitive Feasibility Study (DFS); and begin on-site methane control trials. The aim was to position Zeotech as a leader in low-carbon construction materials and GHG mitigation.
The FY2026 Annual Report (21 Sep 2026) describes the year as a transition from technical development to project execution. FY2027 priorities are:
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Finalise remaining Toondoon approvals and infrastructure works.
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Advance commercial DSO kaolin shipments.
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Progress AusPozz™ customer qualification and commercialisation.
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Complete evaluation of the live methane field trial.
The overall theme is "mine-to-market staging": use low-capex DSO cash flow to reduce the funding burden of the higher-value AusPozzTM manufacturing facility.
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Status |
|---|---|---|---|
| AusPozz™ PFS | Completed 24 Jun 2025 | Business case for 300,000 tpa HRM plus DSO | Complete |
| AusPozz™ DFS | Planned to start Q3 2025; FID originally targeted Q1/early 2026 | Bankable study for financing | Slipped: no DFS completion or FID announced by Oct 2026 |
| Toondoon mining start | Originally H1 2026 (MSI term sheet) | Kaolin DSO operations | Slipped: awaiting protected plants permit and cultural heritage agreements; trial shipment proposals under review |
| Port of Bundaberg logistics | GPC LOI (2025); term sheet 28 Apr 2026 | Land lease for DSO storage and loading plus future AusPozz™ plant | Non-binding; GPC loading facility due Nov 2026 |
| Resource expansion | Air-core drilling from 7 May 2026; 110 holes, ~3,100 m completed by Jul 2026 | Expand and upgrade the 10.87 Mt M&I resource; maiden Ore Reserve | Results pending |
| Commercial-scale AusPozz™ trial | Jun–Jul 2026 | ~700–800 t feedstock run for customer validation | In progress |
| Industry MOUs | Sep 2025 – Aug 2026 | Holcim, Laing O'Rourke, Cement Australia, Bisley (LOI), iCubed, VINCI | Non-binding |
| Methane Control Program | Live trials 2026 | zeoteCH₄® at NBRC landfill with Griffith University | Trials completed; extended monitoring |
| IP protection | Mar Q 2026; ongoing | Australian zeolite patent granted; international zeoteCH₄® application | In progress |
| Capital raising | 29 Sep 2025 | A$13m placement at A$0.08 | Completed |
Medium-term targets and guidance
| Target | Value | Source / status |
|---|---|---|
| AusPozz™ production | 300,000 tpa | PFS, Jun 2025 |
| Kaolin DSO production | 151,000 tpa (142,000 dtpa kaolin and 9,000 dtpa cosmetic) | PFS |
| Project NPV8 (post-tax) | A$406m | PFS |
| Project IRR | 42% post-tax; 56% pre-tax | PFS |
| Payback | 2.1 years | PFS (Noosa 2026 summary) |
| Life of mine | 20 years | PFS |
| EBITDA | A$1.6bn (life-of-mine total per Quartr Noosa summary; Small Caps reported it as average annual EBITDA, which appears to be an error. Life-of-mine aggregate is the more plausible reading.) | PFS; conflicting secondary reporting |
| Funding requirement | ~A$95m | PFS (TipRanks) |
| Year-1 DSO revenue / EBITDA | ~A$30m revenue, >A$12m EBITDA (2026 start) | Stocks Down Under (Nov 2025). Not achieved in FY2026; timing slipped |
| Full-scale AusPozz™ production | ~2029 | Stocks Down Under |
| DSO margins | >45% | Noosa 2026 |
The PFS contains standard cautionary language: metallurgical and processing data are based on early test work and are not definitive, and a DFS is needed to confirm economic viability (Kalkine Media summary).
Products & Services
Toondoon Kaolin / DSO pillar
(a) Kaolin DSO (low-iron kaolinite clay)
Description: Raw, high-purity kaolin mined and shipped with minimal or no beneficiation as direct shipping ore.
Specifications: Drawn from Toondoon's grey, white and low-iron kaolinite clays. Management says the resource purity allows near-100% recovery and direct shipping (Noosa 2026 summary, Quartr). Detailed chemistry (Al₂O₃, Fe₂O₃, brightness) was not captured in the sources reviewed.
Target customer: Asian industrial users via MSI (exclusive marketing rights in specified territories).
Volumes: 800,000 t over 5 years committed under the term sheet; PFS steady-state target 142,000 dtpa.
Pricing: Not publicly disclosed. The aggregate offtake value of up to ~A$200–204m over 5 years for 950,000 t implies a blended ~A$215/t across both DSO grades (analyst derivation, not company-disclosed). Management claims average margins above 45% (Noosa Mining Conference 2026).
Launch year: First trial shipment targeted for 2026 (minimum 10,000 t), now dependent on remaining approvals and the Port of Bundaberg bulk loading facility (expected complete November 2026).
(b) Cosmetic Kaolin DSO (pink kaolin)
Description: Premium-grade pink kaolin for cosmetics and personal care.
Volumes: 150,000 t over 5 years (non-exclusive to MSI); PFS target 9,000 dtpa.
Pricing: Not publicly disclosed; management has described it as higher value, with sales mix shifting toward cosmetic grade over time (Stocks Down Under, Nov 2025).
(c) Plastic clay
- Part of the 10.87 Mt resource subset (plastic clay, high-iron kaolinite and low-iron kaolinite). Commercial use not separately disclosed.
AusPozz™ pillar
AusPozz™ high-reactivity metakaolin (HRM)
Description: Calcined kaolin pozzolan used as a supplementary cementitious material (SCM), replacing part of the Portland cement in concrete. Trademarked brand.
- Performance claims (management, Noosa Mining Conference, 22 Jul 2026): about 80% lower carbon footprint (context-dependent); compressive strength up to 100% higher (from 20 MPa to 40+ MPa); about 50% less shrinkage; about 95% better durability (stated as independently verified); stronger resistance to chloride ion penetration and chemical attack; potential for very long concrete service life. Management also says AusPozz™ meets existing Australian concrete standards. All of these are company claims and should be validated by customer trials.
Feedstock advantage: Toondoon's purity allows a simple process with no pre-beneficiation, which supports lower cost and a smaller carbon footprint than competitors that need extensive beneficiation (Kalkine Media summary of company disclosures).
Process options studied: Flash and rotary calcination (Mar 2025 update).
Scale: PFS design capacity 300,000 tpa; Bundaberg facility proposed on GPC land; full-scale production indicated for about 2029 (Stocks Down Under, Nov 2025).
Emissions benefit: Over 229,800 t CO₂-e potentially avoided per year when replacing cement (Noosa 2026 summary).
Target customers: Cement producers (Holcim, Cement Australia), contractors (Laing O'Rourke, VINCI), precast and civil (Bisley), consultants (iCubed), and the mining sector (shotcrete, backfill) as cited by management.
Pricing model: Not publicly disclosed.
Commercial status: About 800 t of kaolin feedstock dispatched for a commercial-scale production trial in the June 2026 quarter, 80% committed to a key partner for customer validation (Quartr). A ~700 t production run for an MOU partner was flagged at Noosa in July 2026.
Climate Tech / Zeolites pillar
(a) Proprietary synthetic zeolite process (UQ-derived)
Description: A low-energy route from kaolin (and potentially lithium-refining residue) to synthetic zeolites (microporous aluminosilicates used as adsorbents, catalysts, detergent builders, desiccants and similar).
Capabilities: Lab results showed up to 70% energy reduction in thermal activation and up to 80% shorter precipitation time (2020). Over 20 kg produced in continuous dual-feed piloting with UQ.
IP: Australian patent granted (March 2026 quarter); PCT filing (2020); IP assigned from UniQuest (A$500k fee, 2021). UniQuest holds about 5.76% of Zeotech.
Status: Pre-commercial.
(b) zeoteCH₄® biofilter (landfill methane control)
Description: A zeolite-based biofilter/soil amendment that improves methane-oxidising microbial activity in landfill cover.
Validation: Developed with Griffith University. Live trials at the North Burnett Regional Council (NBRC) landfill in Queensland gave an average 92% methane reduction against untreated controls (initial results 2 Jun 2026; trials completed 25 Aug 2026). The technology remains installed for extended monitoring.
IP: International patent application in progress.
Target customers: Landfill operators and councils (earlier collaboration with Cleanaway Waste Management).
Pricing: Not publicly disclosed.
(c) Agricultural zeolite products
Description: Zeolites for nutrient retention and potential reduction of nitrous oxide and other GHG emissions in soils. Research programs date from 2020, with nutrient retention and soil carbon sequestration studies in FY2023.
Status: Research stage.
(d) Carbon utilisation
- Zeotech joined an ARC Industrial Transformation program as an industry partner (H1 FY2023). Status: research.
Financial Narrative
All figures in AUD millions unless stated. Sources: StockAnalysis.com and TipRanks (compiled from Zeotech Annual Reports FY2021–FY2025); InvestSMART (cash flow); FY2026 Annual Report summaries (Quartr 21 Sep 2026; Kalkine Media 21 Sep 2026); June 2026 Appendix 5B.
Income statement
Notes:
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The FY2026 operating loss after tax was A$8,146,635 versus A$4,407,157 in FY2025 (FY2026 Annual Report via Quartr). The H2 FY2024 summary attributes part of the widening losses to higher R&D and share-based payment costs.
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EPS for FY2022–FY2024 is calculated as net income divided by weighted average shares reported by TipRanks (analyst calculation). Investing.com reported trailing EPS of A$-0.0035 (-0.35 cents) in April 2026.
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FY2024 pre-tax (-6.21) and net (-5.53) differ in TipRanks data. TipRanks shows -2.75m of "other income/expenses" in FY2024, possibly impairment or share-based items, plus a tax-related difference. StockAnalysis also shows a A$0.04m loss on asset sale in FY2024. Both are noted without reconciliation.
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FY2023 pre-tax figures differ between sources (TipRanks -3.51; StockAnalysis/Stockopedia -2.47 net). The discrepancy is noted.
Margins and growth
Margins are not meaningful. Reported revenue is non-operating income (mainly R&D tax refunds), so ratio margins would be misleading. FY2026 growth is the analyst's calculation (1.371 / 0.97). Revenue CAGR FY2022–FY2026 is about 20.6% per year (calculated), but this reflects R&D refund timing, not commercial traction.
Balance sheet
Notes:
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Cash and net cash for FY2022–FY2025 are from StockAnalysis. FY2026 cash is A$8,498,081 (FY2026 Annual Report). Total debt is derived as cash and short-term investments minus net cash.
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FY2025 equity of A$11.03m is from InvestSMART. FY2026 equity of about A$22.6m is derived from Market Index book value per share (A$0.011 × ~2.06bn shares) and matches Stockmetric's net tangible assets of A$22.63m. Treat it as aggregator-derived.
Conflict: InvestSMART shows FY2025 total debt of ~A$1.27m (long-term A$0.17m), against ~A$0.25m implied by StockAnalysis. The difference may reflect classification of lease or other liabilities. Both are noted.
- Capitalised exploration and evaluation assets (Toondoon acquisition ~A$2.6m in shares plus subsequent capitalised spend) are likely the largest non-cash asset.
Cash flow
Sources: InvestSMART (operating, investing and financing cash flows, rounded); StockAnalysis (free cash flow). FY2026 full-year cash flows were not captured. The June 2026 quarter alone used A$2.161m in operating activities. FY2026 financing inflows included the A$13m gross placement (Sept 2025).
Quarterly cash trajectory (Appendix 5B):
Sources: Mar 2026 Quarterly (InvestSMART summary, 29 Apr 2026); Jun 2026 Quarterly (Quartr, 23 Jul 2026). The sharp drop in estimated funding runway (6.0 to 3.93 quarters) reflects higher spending on drilling, approvals and AusPozz™ trials. It points to another capital raise or project financing event within about 12 months.
Ratios
Notes: FY2026 ROE is calculated as net loss of A$8.15m divided by average equity of ~A$16.8m (11.03 and 22.6), and is approximate. Net gearing figures are from InvestSMART (negative = net cash). ROA, ROIC, current ratio, interest coverage, asset turnover and cash conversion cycle are not publicly disclosed or not meaningful for a pre-revenue, debt-free developer.
Commentary on trends, inflections and drivers
Losses are widening as the company moves to execution. The net loss was fairly stable at A$2.5–5.5m a year from FY2022 to FY2025, then nearly doubled to A$8.15m in FY2026. The drivers were the Toondoon test-pit and 105/110-hole drilling programs, approvals work, PFS-to-DFS engineering, commercial-scale AusPozz™ trials, and share-based payments. These included 20m options issued to Executive Director Shane Graham and 10m related securities to MD Peter Zardo in December 2025 (InvestSMART director trades). This is an expected inflection for a company moving from lab to mine. The key point is that no offsetting revenue has started yet, despite earlier guidance that DSO sales would begin in 2026.
The balance sheet was rebuilt by equity, not operations. Cash rose from A$2.35m (June 2025) to A$8.50m (June 2026) because of the A$13m placement at A$0.08 in September 2025. Cash peaked at about A$12.3m around December 2025 (StockAnalysis TTM data). The company has no meaningful debt, which gives it flexibility. However, the PFS estimated about A$95m of funding for the AusPozz™ project, many times the current cash balance. Financing structure (equity, debt, joint venture or strategic partner) is therefore the main swing factor for per-share value.
Dilution is structural. Weighted shares rose from about 0.93bn (FY2020) to 1.71bn (FY2024) and about 2.06bn by April 2026. Further dilution is likely before production.
R&D refunds are a meaningful offset. The Australian R&D Tax Incentive has reliably returned A$0.6–1.4m a year. This partly offsets eligible R&D spend and accounts for almost all reported "revenue".
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Operational Pillar Details
| Operational pillar | What it contains | Products / services | Status |
|---|---|---|---|
Toondoon Kaolin / DSO | Toondoon mining lease, mine planning, approvals, haul road, port logistics | Kaolin DSO (low-iron), cosmetic kaolin DSO (pink) | Approvals and infrastructure; trial shipment planning |
AusPozz™ Project | Calcination process development, PFS/DFS, proposed Bundaberg facility, customer validation | AusPozz™ high-reactivity metakaolin | Commercial-scale trial; DFS pending |
Climate Tech / Zeolites | UQ-licensed zeolite synthesis IP, zeoteCH₄® biofilter, agricultural applications, ARC partnerships | Synthetic zeolites, zeoteCH₄® | Field-validated; patenting |
Other tenure | Abercorn kaolin project (50 sub-blocks, central QLD) | Kaolin resource | Secondary; no recent disclosed work |
Revenue by Segment
| Metric (AUD Mn; blank = not disclosed) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Group revenue and other income (AUD Mn) | 0.65 | 1.07 | 0.78 | 0.97 | 1.37 |
Product revenue all pillars (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Toondoon DSO revenue (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
AusPozz revenue (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Zeolite revenue (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
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View Subscription PlansSegment Revenue
| Metric (AUD Mn, June quarter 2026) | Value |
|---|---|
Exploration and evaluation expenditure (Toondoon) | 0.777 |
R&D costs (AusPozz / zeolites) | 0.576 |
Payments to related parties | 0.218 |
Net cash used in operating activities | 2.161 |
Income Statement and Share Count (M)
| Metric (AUD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue and other income (AUD Mn) | 0.65 | 1.07 | 0.78 | 0.97 | 1.37 |
Gross profit (AUD Mn) | 0.65 | 1.07 | 0.78 | 0.97 | — |
SG&A expense (AUD Mn) | 1.26 | 2.12 | 2.33 | 2.87 | — |
R&D expense (AUD Mn) | 1.74 | 0.76 | 1.05 | 0.86 | — |
Total operating expenses (AUD Mn) | 4.87 | 3.49 | 4.44 | 5.29 | — |
Operating income (AUD Mn) | -4.23 | -2.42 | -3.66 | -4.32 | — |
EBITDA (AUD Mn) | -4.20 | -3.30 | -3.62 | — | — |
Pre-tax income (AUD Mn) | -4.23 | -3.51 | -6.21 | -4.41 | -8.15 |
Net income after tax (AUD Mn) | -4.23 | -2.47 | -5.53 | -4.41 | -8.15 |
Weighted avg shares (M) | 1,510 | 1,610 | 1,710 | — | — |
Basic EPS (AUD cents) | -0.28 | -0.15 | -0.32 | — | — |
Diluted EPS (AUD cents) | -0.28 | -0.15 | -0.32 | — | — |
Dividends per share (AUD cents) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue/other income growth (%) | 262.1 | 66.2 | -27.8 | 24.6 | 41.2 |
Balance Sheet
| Metric (AUD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Cash and equivalents (AUD Mn) | 2.91 | 4.21 | 2.27 | 2.35 | 8.50 |
Cash and short-term investments (AUD Mn) | 3.05 | 4.21 | 2.27 | 2.35 | 8.50 |
Total debt incl leases, derived (AUD Mn) | 0.48 | 0.36 | 0.32 | 0.25 | — |
Net cash (AUD Mn) | 2.57 | 3.85 | 1.95 | 2.10 | — |
Shareholders' equity (AUD Mn) | — | — | — | 11.03 | 22.6 |
Cash Flow
| Metric (AUD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (AUD Mn) | — | -1.75 | -2.56 | -3.44 | — |
Investing cash flow (AUD Mn) | — | — | — | -2.00 | — |
Financing cash flow (AUD Mn) | — | 5.00 | 1.00 | 4.00 | — |
Free cash flow (AUD Mn) | -2.64 | -3.53 | -2.60 | -3.50 | — |
Dividends paid (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Key Financials
| Metric | Mar Q 2026 | Jun Q 2026 |
|---|---|---|
Cash at quarter end (AUD Mn) | 10.734 | 8.498 |
Estimated quarters of funding available | 6.0 | 3.93 |
R&D costs in quarter (AUD Mn) | 0.216 | 0.576 |
Payments to related parties (AUD Mn) | 0.185 | 0.218 |
Margin Analysis (%) (FY2023–FY2026)
| Ratio | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
ROE (%) | — | — | — | -48.4 |
Net gearing (%) | -27.1 | -12.6 | -9.8 | — |
Region revenue (AUD Mn)
| Region revenue (AUD Mn) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Australia revenue and other income (AUD Mn) | 0.78 | 0.97 | 1.37 |
Asia product revenue (AUD Mn) | 0 | 0 | 0 |
Americas product revenue (AUD Mn) | 0 | 0 | 0 |
EMEA product revenue (AUD Mn) | 0 | 0 | 0 |
Products
| Product | Planned market | Counterparty | Basis |
|---|---|---|---|
Kaolin DSO (low-iron) | China, South Korea, Japan (specified Asian territories) | MSI (exclusive) | Binding offtake, up to ~A$200–204m over 5 years; extended to 30 Apr 2027 |
Cosmetic kaolin DSO | Asia | MSI (non-exclusive) | Same agreement |
AusPozz™ | Australia (Queensland first) | Holcim, Cement Australia, Laing O'Rourke, VINCI, Bisley, iCubed | MOUs/LOI, non-binding |
zeoteCH₄® | Australia, then international (patent pending) | Councils, landfill operators | Trials |
Share Price & Returns
| Reference point | Price (AUD) | Source |
|---|---|---|
20 Dec 2024 | 0.042 | Halo Technologies |
4 Mar 2025 | 0.048 | Kalkine |
30 Jun 2025 (FY2025 close) | 0.065 | Market Index |
Placement price (Sep 2025) | 0.080 | ASX |
Start of 2026 | 0.081 | InvestSMART |
2026 YTD high / low (to Jul) | 0.092 / 0.055 | InvestSMART |
52-week range (2026) | 0.055–0.115 | Investing.com |
30 Jun 2026 (FY2026 close) | 0.072 | InvestSMART |
31 Jul 2026 (latest verified) | 0.077 | InvestSMART |
Price metric (AUD) | FY2022 | FY2023 |
Valuation Snapshot
| Multiple | Value | Comment |
|---|---|---|
Market capitalisation | ~A$158m | ~2.06bn shares × A$0.077 |
Enterprise value | ~A$150m | Less A$8.5m cash at 30 Jun 2026 |
P/E | n/m | Loss-making |
EV/EBITDA | n/m | Negative EBITDA |
EV/Sales | n/m | No product revenue |
P/B | ~7.0x | A$0.077 / A$0.011 book value per share |
EV / PFS NPV8 | ~0.37x | A$150m / A$406m (unrisked; PFS-level) |
Capital Markets
| Item | Status |
|---|---|
Dividend history | None paid; 0% franking |
Dividend policy | None (pre-revenue) |
Credit ratings (Moody's/S&P/Fitch) | Not rated |
Debt maturity profile | No borrowings; lease liabilities only |
Analyst Conclusions
Management guidance (FY2027 priorities)
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Finalise remaining Toondoon approvals and infrastructure works (haul road, access).
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Carry out the first kaolin DSO trial shipment (minimum 10,000 t) and move to commercial DSO shipments under the MSI offtake.
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Progress AusPozz™ customer qualification after the commercial-scale trial; aim to convert MOUs into binding offtake.
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Complete evaluation of the methane field trial; progress international patent.
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Implied: complete a resource update and maiden Ore Reserve from the 110-hole program; restart the DFS/FID path.
Consensus growth expectations
No formal revenue or EPS consensus is publicly available. Earlier secondary guidance (about A$30m DSO revenue and >A$12m EBITDA in year 1) should be treated as deferred.
Bull case
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Low-capex cash flow is close. Once the protected plants permit and cultural heritage agreements are in place and GPC's loading facility is commissioned (November 2026), DSO shipments under the binding offtake (up to ~A$200–204m, >45% margins) could move Zeotech from cash burn to self-funding within 12–18 months.
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Valuation is a fraction of PFS value. EV of about A$150m is about 0.37x the A$406m post-tax NPV8. A DFS, binding AusPozz™ offtake from Holcim or Cement Australia, and a funding package could close much of that gap.
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Structural SCM demand plus purity advantage. A domestic, no-beneficiation HRM product with claimed doubling of concrete strength and engagement from tier-one firms (Holcim, Laing O'Rourke, VINCI) could secure first-mover share as fly ash supply declines.
Bear case
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Serial timeline slippage. Mining (H1 2026), DSO revenue (2026), DFS (Q3 2025) and FID (Q1 2026) have all slipped. Investors may keep discounting management targets.
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Funding overhang. With A$8.5m cash, about 3.9 quarters of runway and a ~A$95m capex need, more dilutive equity is very likely before FID. The current share count (~2.06bn) could rise materially.
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Commercial conversion risk. All AusPozz™ agreements are non-binding, DSO depends on one Chinese trader, and PFS metallurgy is preliminary. Any of these could weaken the investment case.
Key catalysts and monitorables (next 12 months)
| Catalyst | Expected timing | Watch for |
|---|---|---|
| September 2026 quarterly | 27 Oct 2026 | Cash balance, runway, approvals status |
| 2026 AGM | 12 Nov 2026 | Strategy update, remuneration votes, capital approvals |
| GPC Bulk Material Loading Facility completion | Nov 2026 | Enables DSO exports |
| Protected plants permit / cultural heritage agreement | FY2027 | Final gating items for mining |
| First DSO trial shipment (≥10,000 t) | FY2027 | First product revenue |
| Resource / maiden Ore Reserve update | FY2027 | Results of 110-hole drilling |
| AusPozz™ trial results / binding offtake | FY2027 | Conversion of Holcim, Cement Australia, VINCI and others |
| DFS launch / completion; funding strategy | FY2027 | Debt/equity/JV mix; dilution |
| Capital raise | Likely within ~12 months | Price and size relative to the A$0.08 placement |
| Holcim MOU expiry | Mar 2027 | Extension or conversion |
| MSI offtake extension expiry | 30 Apr 2027 | First shipments before expiry |
Analyst verdict
Zeotech has, on paper, assembled most of the parts of a credible industrial-minerals development story. It holds a high-purity kaolin resource (10.87 Mt Measured and Indicated) in a granted Queensland mining lease, and the purity allows a simple flowsheet. It has a binding five-year DSO offtake worth up to roughly A$200 million. Its flagship AusPozz™ product has strong PFS economics (post-tax NPV8 A$406 million, 42% IRR) and is being evaluated by some of Australia's most important cement and construction groups. A field-validated methane-control technology adds optionality that the market largely ignores. The balance sheet is debt-free, and the September 2025 placement shows that institutions will fund the strategy at around A$0.08.
The investment case is held back by execution. Every major timeline set in 2025 (mining start, first DSO revenue, DFS and FID) has slipped. FY2026 losses almost doubled to A$8.15 million, and the funding runway at June 2026 was under four quarters. The share price has stayed in a narrow A$0.07–0.09 range through 2026 and often fell after positive technical news. This shows the market has stopped paying for MOUs and trial results and is now waiting for tonnes shipped and contracts signed.
Our view is that ZEO is a speculative, catalyst-driven development holding. The trading EV of about 0.37x unrisked PFS NPV is reasonable for a pre-DFS, pre-funding developer. It is not obviously cheap until the DSO trial shipment confirms logistics and pricing. The next 6–9 months are decisive. A completed first shipment, the final Toondoon permits and at least one binding AusPozz™ offtake would justify a re-rating toward PFS-implied value. Further slippage alongside a deeply discounted capital raise would confirm the bear case. Monitor the September and December 2026 quarterlies closely.
SOURCES (selected primary and secondary)
1: Zeotech FY2021 Annual Report (ASX) — https://www.asx.com.au/asxpdf/20210928/pdf/450yq8xx6lqvsw.pdf
2: Zeotech FY2023 Annual Report (ASX) — https://announcements.asx.com.au/asxpdf/20230921/pdf/05v3rh6xqzytgg.pdf
3: Zeotech Interim Report H1 FY2023 (ASX) — https://www.asx.com.au/asxpdf/20230310/pdf/45mk0zh1f829k7.pdf
4: Zeotech FY2025 Annual Report (ASX) — https://announcements.asx.com.au/asxpdf/20250930/pdf/06pvzwhn5f9njz.pdf
5: AusPozz™ PFS announcement (ASX, 24 Jun 2025) — https://announcements.asx.com.au/asxpdf/20250624/pdf/06l1cqcv1gj6vz.pdf
6: A$13m placement announcement (ASX, 29 Sep 2025) — https://announcements.asx.com.au/asxpdf/20250929/pdf/06pt3dwsbsztp5.pdf
7: Appendix 3B (ASX, 29 Sep 2025) — https://announcements.asx.com.au/asxpdf/20250929/pdf/06pt3k16ftmr1v.pdf
8: Interim Financial Report H1 FY2026 (ASX) — https://announcements.asx.com.au/asxpdf/20260312/pdf/06xbj1452gvl9c.pdf
9: March 2025 activities update (ASX) — https://announcements.asx.com.au/asxpdf/20250311/pdf/06gh127ngzwfkg.pdf
10: Toondoon air-core drilling announcement (May 2026) — https://bulletin.webull.com/qbd/announcement/20260507/499502641/cd38edd71f7bbb09f31f14c76b372dae.pdf
11: Quartr — FY2026 (H2 2026) summary — https://quartr.com/events/zeotech-limited-zeo-h2-2026_FPpvsae1
12: Quartr — June 2026 quarterly summary — https://quartr.com/events/zeotech-limited-zeo-q4-2026-tu_FPpvYtUg
13: Quartr — Noosa Mining Conference 2026 summary — https://quartr.com/events/zeotech-limited-zeo-noosa-mining-conference-2026_FPpvYMET
14: Investing.com — Noosa 2026 transcript summary — https://www.investing.com/news/transcripts/zeotech-at-noosa-mining-conference-2026-concrete-pitch-gains-pace-93CH-4807163
15: Kalkine Media — FY2026 results summary — https://kalkinemedia.com/au/news/announcements/zeotech-limited-reports-fy2026-results-featuring-200m-kaolin-offtake-deal-and-13m-capital-raise
16: Kalkine — MSI offtake extension and Toondoon approvals — https://kalkine.com.au/news/technology/zeotech-asxzeo-extends-kaolin-offtake-as-toondoon-approvals-advance
17: Kalkine — MSI binding term sheet — https://kalkine.com.au/news/mining/zeotech-signs-binding-kaolin-offtake-term-sheet-with-msi-shares-surge-203
18: Small Caps — MSI A$204m offtake — https://smallcaps.com.au/article/zeotech-finalises-kaolin-offtake-agreement-chinese-trading-giant-jiangsu-msi
19: Mine Brief — ZEO announcement register — https://minebrief.com.au/company/zeo/announcements/
20: Mine Brief — Methane field trials completed — https://minebrief.com.au/company/zeo/announcements/zeotech-completes-methane-control-field-trials/
21: Market Index — ZEO profile and substantial holders — https://www.marketindex.com.au/asx/zeo
22: Market Index — VINCI MOU (13 Aug 2026) — https://www.marketindex.com.au/asx/zeo/announcements/zeotech-executes-mou-with-vinci-construction-6A1338422
23: InvestSMART — ZEO financials — https://www.investsmart.com.au/security/asx/zeo/zeotech-limited/financials
24: InvestSMART — March 2026 quarterly summary — https://www.investsmart.com.au/investment-tools/shares/asx-price-sensitive-announcements/asx-zeo/2518606
25: StockAnalysis — income statement — https://stockanalysis.com/quote/asx/ZEO/financials/income-statement/
26: StockAnalysis — balance sheet — https://stockanalysis.com/quote/asx/ZEO/financials/balance-sheet/
27: TipRanks — income statement — https://www.tipranks.com/stocks/au:zeo/financials/income-statement
28: TipRanks — 2026 AGM notice — https://www.tipranks.com/news/company-announcements/zeotech-sets-key-dates-and-details-for-november-2026-agm-in-brisbane
29: Global Cement — James Marsh appointed CEO — https://globalcement.com/news/people/18406-zeotech-appoints-james-marsh-as-ceo
30: Mining News — Toondoon acquisition — https://miningnews.net/m-a/news/1416307/zeotech-acquires-kaolin-deposit
31: Mining Magazine — UQ zeolite IP — https://www.miningmagazine.com/technology/news/1387961/metalsearch-partner-makes-ip-progress-zeolite-technology
32: UQ EAIT — Metalsearch partnership (14 Apr 2020) — https://www.eait.uq.edu.au/article/2020/04/partnership-uq-mineral-processing-technology
33: Stockhead — Zeolite pilot completion — https://stockhead.com.au/tech/zeotechs-successful-zeolite-manufacturing-pilot-leads-to-accelerated-tech-development
34: Business News WA — Company profile (former names) — https://www.businessnews.com.au/Company/Zeotech
35: Yahoo Finance — ZEO.AX profile — https://au.finance.yahoo.com/quote/ZEO.AX/profile
36: Investing.com — ZEO quote and analyst targets — https://www.investing.com/equities/metalsearch
37: Stocks Down Under — AusPozz™ and 2026 revenue expectations — https://stocksdownunder.com/zeotech-high-strength-low-carbon-concrete/
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Tenure / notes | Shareholding (latest disclosed) |
|---|---|---|---|
Sylvia Tulloch | Non-Executive Chair | Chair since at least FY2021 (listed in FY2021–FY2025 Annual Reports) | 11,550,000 shares (30 Jun 2025) |
Peter Zardo | Managing Director | MD since at least FY2021; long-serving driver of the zeolite strategy | 73,808,088 shares (30 Jun 2025); plus 10,000,000 related securities issued 23 Dec 2025 |
Shane Graham | Executive (Technical) Director | Appointed 7 Apr 2025 | 2,840,000 shares and 20,000,000 options (exercise price A$0.032 per InvestSMART record, 23 Dec 2025) |
Robert Downey | Non-Executive Director | Director since at least FY2021 | 5,250,000 shares (30 Jun 2025) |
Executive Leadership Team
| Name | Title | Tenure | Background (as disclosed) |
|---|---|---|---|
James Marsh | Chief Executive Officer | Since 9 Sep 2024 | Former Executive Director Sales & Marketing at Andromeda Metals; director of Australian Kaolin; several management roles at minerals companies; BSc Chemistry & Physics, University of the West of England (Global Cement) |
Scott Burkhart | Chief Operating Officer (previously CEO) | CEO until Sep 2024, then COO | — |
Tim Anderson | Chief Commercial Officer & GM | Not disclosed; PFS study lead | Feasibility-study delivery experience (Mar 2025 update) |
Anthony Spittle | Project Director – Operations | Appointed Mar Q 2026 | — |
Dr John Vogrin (BE, PhD) | Head of Projects / R&D | Since at least 2022 | Led zeolite pilot program with UQ |
Alister Morrison (MSc, GAICD) | Chief Development Officer (formerly CEO, appointed H1 FY2023) | — | — |
Neville Bassett AM (B.Bus, FCA) | Company Secretary | Since at least FY2021 | Born 1957 |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | Total pay (AUD) | Year | Source |
|---|---|---|---|
Peter Zardo (MD) | 299,810 | Not specified (likely FY2023 or FY2024) | Yahoo Finance |
Alister Morrison | 256,860 | Not specified | Yahoo Finance |
Neville Bassett | 10,500 | Not specified | Yahoo Finance |
James Marsh (CEO) | — | FY2025/FY2026 | Remuneration report not captured |
Major Shareholders
| Holder | Shares | % | Notice date | Source |
|---|---|---|---|---|
H & C Wellbeing Pty Ltd | 160,236,908 | 7.79 | 23 Apr 2026 | Market Index |
Michael John Gregg | 144,550,000 | 7.05 | 7 Oct 2025 | Market Index |
LL and P Pty Ltd | 110,796,540 | 5.87 | 3 Sep 2025 | Market Index |
UniQuest Pty Limited (UQ) | 108,480,512 | 5.76 | 3 Sep 2025 | Market Index |
Board & Management Changes
| Date | Change |
|---|---|
H1 FY2023 | Alister Morrison appointed CEO |
9 Sep 2024 | James Marsh appointed CEO; Burkhart moves to COO |
7 Apr 2025 | Shane Graham appointed Executive/Technical Director |
Mar Q 2026 | Anthony Spittle appointed Project Director – Operations |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Positioning vs Zeotech |
|---|---|---|
Andromeda Metals (ASX: ADN) | Australian kaolin / halloysite (Great White Project, SA); metakaolin ambitions | Most direct ASX kaolin peer; Zeotech's CEO previously worked there |
Suvo Strategic Minerals (ASX: SUV) | Australian kaolin (Pittong, VIC); low-carbon cement/geopolymer work | Producing kaolin; competes for domestic SCM interest |
Imerys (EPA: NK) | Global kaolin and metakaolin producer | Global incumbent with scale, technology and customer relationships |
BASF | Metakaolin (historic MetaMax® line) | Global specialty supplier |
Sibelco | Industrial minerals including kaolin; Australian presence | Diversified incumbent |
Burgess Pigment Company (US) | Calcined kaolin and metakaolin | Specialty kaolin competitor |
Fly ash and slag SCM suppliers (e.g. Cement Australia, Boral, CRH/Adbri in Australia) | Incumbent SCMs | Main substitute; supply constrained by coal-plant closures (also potential partners) |
Calcined clay / LC3 technology providers (e.g. FLSmidth calciners) | Calcined clay SCM process | Technology route that could enable rival clay deposits |
Natural zeolite producers (e.g. Zeolite Australia) | Natural zeolites for agriculture and environment | Cheaper natural alternative to synthetic zeolites |
Global synthetic zeolite producers (e.g. Honeywell UOP, Zeolyst, Tosoh) | Synthetic zeolites | Incumbents in catalysts and adsorbents |
Competitor Detail
| Metric | Zeotech (FY2026) |
|---|---|
Product revenue | A$0 |
Revenue growth | n/m |
Net result | A$-8.15m |
R&D intensity | ~A$0.9–1.7m/yr (FY2021–FY2025) |
Stage | Pre-production developer |
